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last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the two years around that. these are the central forecasts published by the opr with the asset purchase facility cash transfer included. when the transfer is excluded, as we show in the document, the deficit also falls from 7.9% last year to 7.7% this year, then 6.9% next year and falls in every single year after that. and cash borrowing falls in every year as well. now, there are those who have been saying that the deficit was going up this year. indeed, i think i heard it in prime minister's questions. but any way you present the
last year the deficit was 7.9%. this year with the apf coupons it is forecast to be 6.9%, but that excludes the aspect of the royal mail pension access. it will fall to 5.2% the year after, 4.2 president in 2015-'16, before reaching 1.6% in 2017-'18. in 2009-'10 the country was borrowing 159 billion pounds. this year we are borrowing 108 billion pounds. that is forecast to fall to 99 billion next year, 88 billion the year after, then 73 billion in 2015-'16 and 49 billion and 31 billion in the...
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Dec 1, 2012
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we had a significant deficit. but the long term looked possible if we could solve the short-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the congress. the party polarization today tends to make it republicans versus democrats all the way. there were other sub factions in those days. the budgeteers verses the appropriators, etc., that cut across some of those party lines. the most important difference, in my judgment, is that there was less outside pressure upon the negotiators from the radio and tv extremists, lobbyists, core constituencies, users of social media, etc. they did not get 500 e-mails every minute in their office. they did not have people featuring them
we had a significant deficit. but the long term looked possible if we could solve the short-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the...
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Dec 5, 2012
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the deficit. we have cut the deficit by 25%. there are a million more private sector jobs. businesses are starting at higher rate than any time in our history. this economy is on the right track. we are equipping britain for the global race and on like the party opposite we are in the side of people who work hard and want to do the right thing. what is the answer? more borrowing, more spending, more of the things that got us into this mess in the first place. >> mr. speaker, years ago the nhs spent five hundred million pounds on tamiflu without seeing the day on the effectiveness or safety and rather than being an isolated case it is normal for the drug industry to have almost complete control over the evidence based upon which crucial public decisions are made. will the prime minister asked to make available the full chemical study reports on tamiflu so the doctors, patients and taxpayers are not misled? >> my hon. friend does excellent work on behalf of the taxpayer through all of the very good
the deficit. we have cut the deficit by 25%. there are a million more private sector jobs. businesses are starting at higher rate than any time in our history. this economy is on the right track. we are equipping britain for the global race and on like the party opposite we are in the side of people who work hard and want to do the right thing. what is the answer? more borrowing, more spending, more of the things that got us into this mess in the first place. >> mr. speaker, years ago the...
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Nov 29, 2012
11/12
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we had a significant deficit. but the long term looked possible if we could solve the sshort-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the congress. the party polarization today tends to make it republicans versus democrats all the way. there were other sub factions in those days. the budgeteers verses the appropriators, etc., that cut across some of those party lines. the most important difference, in my judgment, is that there was less outside pressure upon the negotiators from the radio and tv extremists, lobbyists, core constituencies, users of social media, etc. mostl they did not get 500 e-mails every minute in their office. they did not have people featurin
we had a significant deficit. but the long term looked possible if we could solve the sshort-term problems. that was easier. in 1990, the parties were competitive, but they were not polarized. in those days, the bad guys were the opposition. today, they are the enemy. there is a world of difference between those two words. yes, we had some distrust. also, we had the ability to work with each other and believe each other and it made life easier at that time. there were other divisions in the...
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Dec 7, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. i do think to focus and our biggest driver is going forward,social security, medicare, to on them. will be more important in the number on discretionary spending or tax cuts themselves. do you think the president's plan adequately addresses the sustainability of medicare and social security? further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. i do think to focus and our biggest driver is going forward,social security, medicare, to on them. will be more important in the number on discretionary spending or tax cuts themselves. do you think the president's plan adequately addresses the sustainability of medicare and social security? further. i...
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Dec 7, 2012
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>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a lot of bipartisan defense spending. for example, the defense authorization bill that just passed yesterday in the senate gave the pentagon $17 billion more than they asked for. so to think that any industry or any taxpayer or any group of people who depend on government spending can be exempted from the serious problem that we have that's caused by this deficit is a mistake. everybody is going to have to pay for this. >> dawn, right or wrong, the defense industry has this reputation of being bloated, overcharging. are we at a point where we could afford to make c
>> we have an enormous deficit problem in the united states. nobody's dealt with it since bill clinton was president of the united states. there are a number of things we're going to have to do in order to meet our deficit. we're going to have to both raise taxes and cut spending. one of the areas we must cut spending is defense. there hasn't been serious cuts in defense in 30 years. the defense industry is well positioned. they have plants in something in over 300 districts. there's a...
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going up but when women if the deficit goes up you know if we can really drive the deficit up then when the democrats come into power as inevitably will we can start yelling and screaming about the deficit and force them to cut back on the social programs we can force them to shoot their own santa clause and that's exactly what they did reagan took that one trillion dollar deficit it was about eight hundred billion dollars we came into office and took it up to about three trillion by the time he left and then george herbert walker bush after him took it up to about five and then bill clinton brought in balanced budgets because for eight years you had a democrat in office and so the republicans were all screaming about the debt in the deficit and then george bush comes in and takes it up to ten trillion just massively explodes and now again the republicans are out yelling time to shoot the democratic senate was over the last thirty years i mean the vast majority of that has been republicans roughly ten trillion dollars of that has been put on by republican presidents and their kids to wh
going up but when women if the deficit goes up you know if we can really drive the deficit up then when the democrats come into power as inevitably will we can start yelling and screaming about the deficit and force them to cut back on the social programs we can force them to shoot their own santa clause and that's exactly what they did reagan took that one trillion dollar deficit it was about eight hundred billion dollars we came into office and took it up to about three trillion by the time...
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Dec 1, 2012
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we want to stop the spending problem so we can fix the deficit. we want to get people back to work, which is why again, we take the position that raising tax rates is absolutely not something that helps get people back to work. >> what was the importance of that, rather than just going ahead with visas that you agree are very, very important? >> well, again, what we believe is this was the first step forward in terms of trying to address the need for modernization in our visa laws. and we have a system of lottery that, frankly, i think, is properly replaced with a system that rewards those who want to come here to help create jobs and help get our economy back on track. so it's very much, i think, in sync with our priority of helping americans get back to work, helping create more jobs for more americans. >> democrats have now said after your response towards the thee house's proposal that ball is now in your court, that the onus is on you to put forth a proposal. is the ball in the republicans' court now? >> well, we remain committed at all -- at
we want to stop the spending problem so we can fix the deficit. we want to get people back to work, which is why again, we take the position that raising tax rates is absolutely not something that helps get people back to work. >> what was the importance of that, rather than just going ahead with visas that you agree are very, very important? >> well, again, what we believe is this was the first step forward in terms of trying to address the need for modernization in our visa laws....
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Nov 29, 2012
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us into these deficits. as the chairman just said -- social security has never contributed one penny to these deficits. why to cut the benefits of seniors on social security to pay for the misspending and bad ideas of previous congresses, i do not understand. that is what we are adamant about social security -- use it to buy down a debt created by other things? no. on medicare, if you all just take a close look at the record, a lot of democrats lost their seats because of republicans politicizing this issue. democrats have already come to the table $700 billion in savings in medicare already. we have reformed medicare through be affordable care act, and much of it is doubling to play out. $700 billion -- that is a lot. i have not seen any republicans come forward with a proposal that saves you $700 billion. we did that without having to cut any benefits for beneficiaries who earned as benefits. that was the beauty of the reforms we passed -- we found ways to extract savings, principally from waste and fraud,
us into these deficits. as the chairman just said -- social security has never contributed one penny to these deficits. why to cut the benefits of seniors on social security to pay for the misspending and bad ideas of previous congresses, i do not understand. that is what we are adamant about social security -- use it to buy down a debt created by other things? no. on medicare, if you all just take a close look at the record, a lot of democrats lost their seats because of republicans...
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we're running such a huge deficit. unless he's a poker player and this is a bid to throw us off pace, that's not a serious proposal. we're not dealing with this seriously at 1600 pennsylvania avenue and he owes the population a lot more than he's showing. >> neil: adam, i'm worried that they make ahristmas tree out of this and throwing more and more ornaments because it's the next legislation that we're cobbling together we might as well put some spending in there. in this case, a minimum of 50 billion others like chuck schumer talked not trying to find a wayo wiggle half a trillion dollars for another construction effort here, and on and on and on. >> well, of course, unfortunately, neil, i should say for better or worse, the way you're describing it is in fact the way it works, that's how the christmas tree ets built and-- >> you don't find it ironic, part of a year end fiscal cliff avoider meant to address spending includes measures that hike spending? >> well, you'll getting there. i mean, ihink it's curious to-- >
we're running such a huge deficit. unless he's a poker player and this is a bid to throw us off pace, that's not a serious proposal. we're not dealing with this seriously at 1600 pennsylvania avenue and he owes the population a lot more than he's showing. >> neil: adam, i'm worried that they make ahristmas tree out of this and throwing more and more ornaments because it's the next legislation that we're cobbling together we might as well put some spending in there. in this case, a minimum...
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Dec 6, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the present proposal, do you see any common ground? -- and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think...
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Nov 30, 2012
11/12
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frightening deficits. and mr. speaker, those deficits are barely noticeable compared to where we are today. largest budget deficits in american history during the bush years. deficits so large they were threatening our economy and president bush began to bring them down during the last four years of his tenure. and they're dwarfed by the size of the deficits created by this u.s. house of representatives under democratic control, the united states senate under democratic control and president barack obama and the white house. mr. speaker, those numbers have combn to come down. you can see here over the last four years, we had $1.5 trillion deficit. in 2009 1.34 trillion, $1.1 in travel twelve. look out over this 10-year horizon. again, these numbers come from the congressional budget office which is a nonpartisan group on clip. this comes from the office of management and budget which is the president's team down at the white house. if we do nothing to curtail spending, the largest deficits ever known to this land
frightening deficits. and mr. speaker, those deficits are barely noticeable compared to where we are today. largest budget deficits in american history during the bush years. deficits so large they were threatening our economy and president bush began to bring them down during the last four years of his tenure. and they're dwarfed by the size of the deficits created by this u.s. house of representatives under democratic control, the united states senate under democratic control and president...
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[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after world war ii. outside of the post-world war ii era, the on than the up deficit has fallen faster is when the economy we left in 1937, during the great depression into -- [inaudible] u.s. district offers, testing the speed limit of the fiscal consolidation does and backfire. >> i really go back to simpson-bowles. i think they had it right put. repeat, everything on the table. not only taxes, but spending cuts and entitlement reform. let me speak about each of them. first when it comes to revenue, so many people in the business community and outside have talked about simpson-bowl
[inaudible] with more trillion dollar deficits forecast in years to come. despite the extraordinary steps to do with a great recession, deficit as a share of the economy has actually decreased every year for the last three years. 10% of gdp in 2009, 7% gdp today. the source is not the democratic national committee, but "investor's business daily." they said believe that or not, the federal deficits smaller over the past three years and it hasn't any stretch since demobilization after...
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Dec 7, 2012
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the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business environment that allows for innovation. lowering the federal deficit actually false down to 40. not as much confidence there as a part on the other side. we been said the training faces a number of challenges including but not limited to large budget deficits, national debt, slower economic recovery, high unemployment, deep political divide on many issues. do you believe we will overcome these challenges in the foreseeable future as we've done in the past, or do you think these are unique set of challenges that are so serious that we might not be
the deficit and debt will improve as 34%. but the one thing they are certain is that taxes will increase. and in the next four years how it affected you think the federal government will be on each of the following issues. we read a list of these issues, we rotated those. this is how it basically stacks up. ensuring long-term future of entire programs such as social security and medicare, 65%. 64% creating jobs, 64% improving public education, growing the economy, creating a business...
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Dec 5, 2012
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we reached those massive deficits, the largest deficits in american history. and we begin to bring those back down. enter 2007. 2007, 2008 we had a republican president in the white house, we had a democratic speaker here in the u.s. house, spending began to tick back up. and as we entered the obama years, mr. speaker, here is the largest deficit in american history recorded during the bush administration, this is the annual deficit recorded in the obama administration. not twice as large than the largest deficit in american history. not three times as large as the largest deficit in american history. but almost four times larger than the previous largest annual deficit in american history was the first year deficit recorded in the obama administration. we tip, that was the first time ever we run trillion dollar deficits, we continue to run trillion dollar deficits throughout that time. tax policy hasn't changed during that time. tax policy is exactly the same. you hear in the newspaper all the time, mr. speaker, the bush tax cuts. i don't know that that has m
we reached those massive deficits, the largest deficits in american history. and we begin to bring those back down. enter 2007. 2007, 2008 we had a republican president in the white house, we had a democratic speaker here in the u.s. house, spending began to tick back up. and as we entered the obama years, mr. speaker, here is the largest deficit in american history recorded during the bush administration, this is the annual deficit recorded in the obama administration. not twice as large than...
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Dec 5, 2012
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we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could go back to that chart -- that gives a tax break on the first $250,000 of income. and, in essence, giving everybody a tax break on that first $250,000. it's only after that that the taxes go back to clinton era. and because this is a different time and place, i support giving a tax break, continuing it for 98%, but asking the wealthiest to pay their fair share for the greatest country on the face of this earth. my father was born into dire poverty. he was the only one of nine children born in america. he was the only one of nine children to go to college at night in your great state, madam p
we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could...
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Dec 1, 2012
12/12
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it would make a difference in the deficits. and then we'll talk revenue. >> larry we're not suggesting dropping out, either. >> neil pattell thank you very much. senator kay bailey hutchson appreciate it. >>> next up lipitor and the fallout. the people who take the popular drug need to know. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... those surprising little still make you take notice. there are a million reasons why. but your erectile dysfunction that could be a question of blood flow. cialis for daily use helps you be ready anytime the moment's right. you can be
it would make a difference in the deficits. and then we'll talk revenue. >> larry we're not suggesting dropping out, either. >> neil pattell thank you very much. senator kay bailey hutchson appreciate it. >>> next up lipitor and the fallout. the people who take the popular drug need to know. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500...
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Nov 30, 2012
11/12
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and in fact when the deficit stood at over two entered billion. when i supported the final omnibus budget reconciliation act the president signed into law in november of 1990 to implement the agreement and the issues that we confronted on the entitlement spending were really not addressed but rather find an agreement that is largely reached out of exhaustion and convenience. bringing the debate to a close in the congress for the midterm elections that was the reason. those issues and no surprise remain even today and the revenues they were not solved then and they've been on the course returned again to dominate our current debate. i must also know that 500 million-dollar deficit reduction that we agreed to back then in two-thirds was on the spending side, and one third was from the increased fee and revenue. those savings and spending nearly $200 billion came from putting caps on discretionary spending primarily defense spending is very small percentage actually can from addressing the entitlements less than 10%. i want to make sure that the sena
and in fact when the deficit stood at over two entered billion. when i supported the final omnibus budget reconciliation act the president signed into law in november of 1990 to implement the agreement and the issues that we confronted on the entitlement spending were really not addressed but rather find an agreement that is largely reached out of exhaustion and convenience. bringing the debate to a close in the congress for the midterm elections that was the reason. those issues and no...
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Dec 5, 2012
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they don't care about deficits. they care about flattening the tax code so lower income people pay more. >> that's the dirty little secret. thank you. i wish we had more time. we don't. >>> next, sheldon walking the corridors of congress? what? i wonder if $150 million buys you a key to the speaker's office. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a month. open enrollment ends december 7th. so call today or visit your local wa
they don't care about deficits. they care about flattening the tax code so lower income people pay more. >> that's the dirty little secret. thank you. i wish we had more time. we don't. >>> next, sheldon walking the corridors of congress? what? i wonder if $150 million buys you a key to the speaker's office. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin...
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Nov 29, 2012
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what the hell do you think a $1 trillion deficit is? once people wake up as to what is really coming, they will savage us and the commission. do not think these interest groups are not whoring it out right now. >> we came from the witness protection program. [laughter] >> it is tough to tell people what is going on when you have a presidential debate and during the course of that, no one asked anybody what they were going to do about the long-term solvency and social security for 75 years. if you do nothing, which is the glorious recommendation of the aarp and other senior groups, that in the year 2031, you will waddle up to the window and get a check for 25% less. who is goofy enough to let that happen? plenty of people. you have never heard a single question, what will you do with a $16 trillion debt? a question i thought was rather significant. >> the word fiscal cliff was never mentioned by candidates or one of the moderators in the debates. every day, we have a countdown. we already elected the guy. it has to be dealt with on its o
what the hell do you think a $1 trillion deficit is? once people wake up as to what is really coming, they will savage us and the commission. do not think these interest groups are not whoring it out right now. >> we came from the witness protection program. [laughter] >> it is tough to tell people what is going on when you have a presidential debate and during the course of that, no one asked anybody what they were going to do about the long-term solvency and social security for 75...
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Nov 30, 2012
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the fiscal deficits are unsustainable. there's very little work done for reforming the economy structurally. so we don't feel good about them. we have been underweight everything in europe for a long time. >> you want to continue to be underweight in europe given the debt crisis? is that the reason? >> we have about $600 billion of assets. we invest them in the long term. the long-term characteristics of economies are very important. we believe eurozone economies are in structural decline and deficit. >> let me ask you about where you have been investing. i know you've been investing a lot in asia. the emerging markets have been an area of promise for you. but they've slowed a lot. do you still want to put your money there given the fact china slowed, indonesia. some of these hot spots are nowhere they were a couple years ago. >> we grew more than 30% in indonesia. what's happening with us is that we cater to the middle classes, and the fact there are more and more asians in the middle class is, if you wish, not correlated
the fiscal deficits are unsustainable. there's very little work done for reforming the economy structurally. so we don't feel good about them. we have been underweight everything in europe for a long time. >> you want to continue to be underweight in europe given the debt crisis? is that the reason? >> we have about $600 billion of assets. we invest them in the long term. the long-term characteristics of economies are very important. we believe eurozone economies are in structural...
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Dec 3, 2012
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the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and social security. they are facing big deficit situations. host: what motivates the creation of deductions? what about the other incentives? mortgage deduction it to encourage people to buy a home. guest: some of the deductions have been around forever, since the invention of the income tax. there has always been a deduction for interest that you paid. the government didn't think it could distinguish between mortgage interest and other kinds of interest. less interest is deductible now. some of the things are left over from the early days of the tax code. there is no magic about allowing people to d
the focus of this effort to reduce deficits now is on getting them, in the federal budget deficit to the range of 3% or so. that is what i mean when i say policymakers are not trying to get rid of the budget deficits. given the economic weakness, a little bit of deficit spending is probably not a terrible thing, at least in the eyes of some budget economists. i think there would be comfort in washington around 3% of gdp. getting there is a big challenge. there are problems with medicare and...
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Dec 1, 2012
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then eric cantor response of the lighthouse deficit reduction package. later, nancy pelosi addresses the fiscal cliff and middle- class tax cuts. president obama talked about the so-called fiscal cliff and his proposal to end of the bush tax cuts on those earning more than two and a $50,000. ed -- more than $250,000. ["hail to the chief" plays] please have a seat. have a seat. relax for a second. it is good to see all of you. hello. it is good to be back in pennsylvania. it is good to be right here. i want to thank michael, robert, and the investor, joel glickman for hosting me today and giving me a great tour. stand up so everybody can see you, guys. [cheers and applause] there you go. we have a couple of outstanding members of congress here. [cheers and applause] now, i just finished getting a tour of the workshop. i have to say it makes me wish that joel invented this stuff sooner when i was a kid. back then, you couldn't build a roller coaster out of your erector set. i got a chance to meet some of the folks who have been working around the clock to
then eric cantor response of the lighthouse deficit reduction package. later, nancy pelosi addresses the fiscal cliff and middle- class tax cuts. president obama talked about the so-called fiscal cliff and his proposal to end of the bush tax cuts on those earning more than two and a $50,000. ed -- more than $250,000. ["hail to the chief" plays] please have a seat. have a seat. relax for a second. it is good to see all of you. hello. it is good to be back in pennsylvania. it is good to...
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Dec 3, 2012
12/12
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it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the fiscal cliff. this wasn't a campaign issue. no one even talked about it. >> stephanie: right. >> the idea that this is all obama's fault. it has nothing to do with the $3 trillion war paid for with taxes. >> stephanie: eric boehlert remains in the sidecar. we continue with right-wing world next on "the stephanie miller show." >> announcer: it's really weird but it's also the coolest thing i've ever heard in my whole life. >> announcer: it's "the stephanie miller show." that viewers like about the young turks is that we're honest. they can
it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the...
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Dec 6, 2012
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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Dec 2, 2012
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his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >> it was on the table. did the president agree to it? it may have been close to an agreement to it. if he agreed to it we might not have some problem today. >> is that on the table now. of course, it's on the table. >> no, is it on the table from their point of view. >> well, there are a lot of items on the table. the president knows what they are. the question is what are they willing to do. >> you are starting it have some political problems because you are starting to have some split necessary your ranks. i don't have to tell you one of the top
his own deficit reduction commission. he knows what our proposals are, he knows what we are throwing do. what we don't know, chris, is what is the president willing to do? >> well, let me ask you specifically about that. is it true, because it's been said but we've never seen a piece of paper; it true that the president offered to raise the eligibility age for medicare and to slow cost of living adjustments for social security what you were in your debt talks in august ofs2011. >>...
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Dec 4, 2012
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balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when talking about the debt ceiling, taking it off the table, to be part of the deal. you referred to the economy being held hostage. you're aware that president obama voted against -- >> we addressed that. there was no threat of default at the time. what happened in 2011, as we all know because we all lived it, most of us in this room, was the threat of default, a willingness expressed by many to see the american economy under default and with all the consequent impacts on the global economy and on the american middle class. . in order to do that and was enormously damaging to consumer
balanced deficit reduction package that will do enormous good to our economy. and the kind of package that i should not leave out, that includes targeted investments so our economy continues to grow and create jobs. it would, as i said on a number of occasions, deficit reduction in an of itself is not a goal, it should be part of an economic plan is that is focused on economic growth and job creation. the president is very focus odden that. >> just a second ago, you referred to, when...
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Dec 4, 2012
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the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial spending cuts, substantial tax increases at a time when the dme is still very weak. of course that's a recipe for sliding back into recession. we set ourselves up with the land mine and the road in front of our economy which is not based on anything real, it's just based on our politicalness. >> ifill: speaking of political mess, both sides have what they say are opening gambits on the table. president obama at least his last week which calls for $1.6 trillion in revenues. the republicans came back with their own yesterday. as you look
the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial...
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Dec 3, 2012
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based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt talks in august of 2011? >> it was on the table. did the president agree to it... he may have been close to an agreement to it. if he agreed to it, we might not have this problem today. >> chris: is that on the table now. >> of course it is. >> chris: no, from their point of view? >> listen, there are a lot of items on the table. the president knows what they are. the question is, what are they willing to do. >> chris: you are starting to have political problems, because you are starting to have splits in your ranks, i don't have to tell you you one of the top congressional republ
based off the simpson bowles commission, his own deficit reduction commission. he knows what our proposals are and what we are willing to do. what we don't know, chris, is what is the president willing to do? >> chris: well, let me ask you specifically about that. is it true, it is said -- we have never seen a piece of paper. is it true that the president offered to raise the eligibility age for medicare and slow cost of living adjustments for social security when you were in your debt...
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Nov 29, 2012
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the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator, thank you. >> thank you. >> greta: with time running out, you would think that president obama would call the house and senate leaders and ask them to the oval office, but apparently something is wrong with the white house phones. he's trying to outsource the job to you. take a look. >> i'm asking americans all across the country to make your voice heard. tell members of congress what a $2,000 tax hike would mean to you. call your members of congress, write them an email, post it on their facebook walls. you can tweet it using the #my2k. >> greta: why doesn't the president pick
the deficit is large. where's the rest of his plan? he has to show us his plan. house members would like to extend all current tax rates permanently. that brings certainly the to the economy. get a subsequent bill for the sequestration. work with president obama in a good faith effort to get pro growth tax reform. that would work. we've got the ryan budget that spends $7 trillion less than the president's budget. that would restore the confidence that the economy needs. >> greta: senator,...
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Dec 7, 2012
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but reduces the deficit is jobs. -- what reduces the deficit is jobs. why are we not here to pass the middle-income tax cuts, which unleashes -- creases the high- and contribution to the budget talks? why are we not here to pass middle-income tax cuts? debatee we not heare to the middle-income tax cuts? could it be that deep republicans are holding the middle-income tax cuts hostage to tak cuts for the wealthy? as long as they will not touch one red cent from the high end, we will never have the revenue to combine with the savings and spending cuts to reduce the deficits to create jobs, grow the economy, and improve the lives of americans. [indiscernible] we want to protect the middle class. it is not about the rates. it is about the money. it is about being a fugitive to the high end. it is about giving money to reduce the deficit, perot the economy, and unleash the power. it depends on how much money you can get and say, they will pay less. the middle class will pay more. >> 37% would bring in reckless and revenues? >> i do not know that. -- 37% would
but reduces the deficit is jobs. -- what reduces the deficit is jobs. why are we not here to pass the middle-income tax cuts, which unleashes -- creases the high- and contribution to the budget talks? why are we not here to pass middle-income tax cuts? debatee we not heare to the middle-income tax cuts? could it be that deep republicans are holding the middle-income tax cuts hostage to tak cuts for the wealthy? as long as they will not touch one red cent from the high end, we will never have...
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Dec 5, 2012
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since then, we have that $1.20 trillion deficits, $1.30 trillion deficits, and it simply is not enough. let's do some realistic mathematics, which everyone is ignoring. if we do some honest macros scoring, if you have a goal of stabilizing, it is not enough, because we get the demographic bust happening to us in 2020. we actually have to have our debt coming down if we have any chance of surviving the entitlements, so that is not enough. you really have to get a number like $6 trillion or $7 trillion, ok? let's give the president his fantasy about what he can get from the rich. we have got $1.20 trillion to go. i am sorry. not fighting the wars in iraq and afghanistan is not savings, any more than my not by a maserati next year is a savings. where are we going to get the money? we will need that in the future. say we get another $1.80 trillion in discretionary cuts. where are you going to get the other $3 trillion? there is only one other thing out here, and we do not want to admit it, and that leads ultimately you have to get money from others than the rich, and that is why i was inte
since then, we have that $1.20 trillion deficits, $1.30 trillion deficits, and it simply is not enough. let's do some realistic mathematics, which everyone is ignoring. if we do some honest macros scoring, if you have a goal of stabilizing, it is not enough, because we get the demographic bust happening to us in 2020. we actually have to have our debt coming down if we have any chance of surviving the entitlements, so that is not enough. you really have to get a number like $6 trillion or $7...
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Dec 4, 2012
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and he ran on a plan by saying that those savings would then be aplayed to deficit -- applied to deficit reduction, which we know is so critical. and we saw what people thought about that. he was reelected by a wide margin. the american people want us to come together, to work together in a bipartisan way to reduce the deficit, and they support the approach that starts by making sure that middle-class families are not once again asked to pay for the full burden of what needs to be done. they support an effort that says, extend tax cuts for middle-class families and ask those at the very top, who have gotten extra tax cuts, to forego those and chip in to be part of the larger deficit reduction solution. unfortunately, yesterday, speaker boehner ignored this when he offered a republican counterproposal to the president's proposal that would essentially raise taxes on middle-class families and cut medicare for our senior citizens. as senator reid said yesterday, it flunks the test of balance. to get the kind of revenue to reduce the deficit that is needed, and that we all agree on has to be
and he ran on a plan by saying that those savings would then be aplayed to deficit -- applied to deficit reduction, which we know is so critical. and we saw what people thought about that. he was reelected by a wide margin. the american people want us to come together, to work together in a bipartisan way to reduce the deficit, and they support the approach that starts by making sure that middle-class families are not once again asked to pay for the full burden of what needs to be done. they...
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Dec 6, 2012
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this produces a kind and the deficit without to the deficit afterwards. the previous government has classified the management is off balance. today, it is on the balance sheet in line with the judge. it adds pounds to our debt and reminds us of the price the country it's okay for the failures of the past. [cheers] government has decided with the agreement of the bank of england to transfer excess cash held in the asset purchases will be. this is runcible cash management and is i line with the bank of japan is a reserve. and while some of the burden of this is more transparent than the previous approach. i want to make sure pact on the figures is completely transparent. we canassesses with and without the impact of the decision. mr. speaker, when cato office, the deficit stood at 11.2%, the highest in ur peacetime history. it was forecast to be the largest of any major ecom the world. in theast two years, th decit has fallen. today's figures show that with or without, the deficit is forecast to fall this year as well. cash borrowing is expected to fall too
this produces a kind and the deficit without to the deficit afterwards. the previous government has classified the management is off balance. today, it is on the balance sheet in line with the judge. it adds pounds to our debt and reminds us of the price the country it's okay for the failures of the past. [cheers] government has decided with the agreement of the bank of england to transfer excess cash held in the asset purchases will be. this is runcible cash management and is i line with the...
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Dec 7, 2012
12/12
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we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't understand this idea of cocky cutter economics where you simply do the same thing regardless of circumstances. you analyze the data, look at the economy, you come up with policies that are appropriate. >> eliot: now, you have been a rather harsh critic of the way the second president bush ran the economy basically saying he disa vowed principles and put in place massive spending without caring about deficits at all. you were there. what happened as you saw this and did you push back? >> oh, yes i wrote a book called imposter, president bush destroyed the economy. which got me fired from my think tank job
we needed more aggregate demand, deficit spending, we needed public worse an easy money policy. that is what the economy needed. i think our problem is we didn't get enough. >> eliot: it's fascinating you articulated this way. judge poser was an iconic voice within the chicago school of economic supply. he went through the same transformation saying different circumstances call for different responses. you don't disavow of word of margenal rates. >> that's exactly right. i don't...
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Nov 30, 2012
11/12
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said, did not contribute to the deficit. it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense, medicare, medicaid, those are out of general revenues, they are in a defendant category. social security, does nida, just need adjustments, it should not be part of solves will deficit. neil: i think what is intrinsic. is what you are not saying. that we're missing an opportunity to address the overall rate of money coming in and money going out. if you want to leave social security alone, and just look at all of other entitlements and big spending and hear, they say focus it has to be on taxes, i'm not here is a they don't raise taxes on the rich. the
said, did not contribute to the deficit. it is supported by the payroll taxes. that workers and their employers pay. >> you have seen, surveys that show the direct we're going, we -- the direction we're going we have moved its trouble date up, compared to other programs, that is prestine, my only point is why not put it out there, why not put out medicare, and medicaid and everything, and for republican defense, everything, and rather than pick and choose. >> whether defense,...
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Dec 4, 2012
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the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group advocating for everyone of these deductions, people are used to getting them. could they end up on the chopping block? >> guest: they are on the table. republicans put them on the table and say we'd rather do this. but rather get rid of tax breaks that raise rates. in the end, you probably will see some of those. this is a process that will go on for the better part of the year. said during the process of negotiating a deal, you'll see some of those. >> host: john mckinnon is a reporter for "the wall street journal." we are talking about tax loopholes and ded
the goal is not to get rid of the budget deficit. i don't think anyone who's involved in this process has a realistic hope of getting rid of the budget deficit. that they would love to get it down to a manageable level. when you talk about that, certainly opinions differ. you can make a big, big dent in the unmanageable part of the deficit with closing or reducing loopholes. >> host: do you expect to see them play a role in negotiation and talks? you mention how there is a group...